So it’s finally put up or shut up time for No Labels—the disorganized dark money group that counts Nelson Peltz, Steve Schwarzman, and Harlan Crow as donors—to execute its quixotic plan to assemble a unity-ticket to challenge the increasingly inevitable disappointment of a Trump–Biden rematch. Over the last two years, the third-party group has raised tens of millions on the assumption that No Labels and its opportunistic C.E.O., Nancy Jacobson, could recruit a viable candidate—Larry Hogan, say, with Joe Manchin as V.P. Sure, No Labels has been able to get their name on the ballot in 16 states. Unfortunately, they just haven’t been able to find that dream ticket, which will prevent them from ballot access in many others.

So on March 8, just three days after Nikki Haley is set to be demoralized in 16 states on Super Tuesday, No Labels is handing over the power to their 800 delegates to make a choice about whether to move forward, and with whom. Their ideal candidate, of course, has been Haley, herself.